-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BGD1bRtqChqLlh28/qqvmLtHB+ZyE+Y8PcIHRjorGms+sthGBqj7Ad7X4ZwXTqtI QUsROjq9sxeGShBPiz7qWQ== 0000950133-09-000053.txt : 20090115 0000950133-09-000053.hdr.sgml : 20090115 20090115114826 ACCESSION NUMBER: 0000950133-09-000053 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090109 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20090115 DATE AS OF CHANGE: 20090115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVAVAX INC CENTRAL INDEX KEY: 0001000694 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 222816046 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26770 FILM NUMBER: 09527951 BUSINESS ADDRESS: STREET 1: 9920 BELWARD CAMPUS DRIVE CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 240-268-2000 MAIL ADDRESS: STREET 1: 9920 BELWARD CAMPUS DRIVE CITY: ROCKVILLE STATE: MD ZIP: 20850 8-K 1 w72351e8vk.htm 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 9, 2009
NOVAVAX, INC.
 
(Exact name of Registrant as specified in its charter)
         
Delaware   0-26770   22-2816046
(State or other jurisdiction of
incorporation or organization) 		  (Commission File Number)   (I.R.S. Employer Identification
No.)
     
9920 Belward Campus Drive
Rockville, Maryland 		  20850
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (240) 268-2000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 2.05 Costs Associated with Exit or Disposal Activities
On Friday January 9, 2009, Novavax Inc., (the “Company”) committed to, and executed, a plan of termination that resulted in a reduction of its workforce by 18 employees or approximately 20% of its workforce in order to reduce operating expenses and focus on its key programs. The Company is expected to record a charge of approximately $190,000 in the first quarter of 2009 for related severance costs. These actions will allow the Company to reduce cash spending on an operating basis by approximately 20% compared to the cash spending in 2008. The reduction in force also coincides with a reduced work scope for 2009. The projected lower spending in 2009 is aligned with a continued investment in the key strategic value drivers of the Company. After this restructuring, Company will continue development of its seasonal influenza vaccine and further advance its RSV and VZV pre-clinical programs. Commercialization efforts for its pandemic and seasonal influenza vaccine will also continue as planned.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized
         
  Novavax, Inc.
(Registrant)
 		  
January 15, 2009  By:   /s/ Len Stigliano    
    Name:   Len Stigliano   
    Title:   Vice President, Treasurer and
Chief Financial Officer 		  
 

 

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